Crypto News

Zipmex Requests Meeting With Thai Regulators Ahead of Fundraise

In an try to remain afloat, Zipmex has requested for conferences with the Securities Exchange Commission in Thailand in addition to different authorities businesses as it really works on a recovery plan.

The agency intends to introduce its buyers to the watchdogs. In a statement, Zipmex stated,

“We have requested meetings with Thailand’s Securities and Exchange Commission and regulators in the country where we operate to introduce our investors to regulators and present our recovery plan to government agencies.”

  • According to the announcement, KordaMentha Pte Ltd has been appointed because the monetary adviser by Zipmex to assist the agency with the restructuring course of.
  • Even as Zipmex continues to have a robust foothold in Thailand, the troubled cryptocurrency alternate has expanded its operations throughout a number of nations, together with Singapore, Indonesia, and Australia.
  • Earlier, it filed for moratorium aid to stop its collectors from making claims for the following six months. The Singapore High Court, nonetheless, offered the alternate with just a little greater than three months of creditor safety.
  • Back in July, Zipmex froze withdrawals citing monetary difficulties that linked again to the liquidity disaster confronted by two crypto lenders, Babel Finance and Celsius. It has now resumed partial withdrawals from its commerce pockets.
  • The newest growth comes forward of a funding deal of $50 million that Zipmex has been anticipating. The alternate has not divulged the names of any buyers however has asserted that it was in superior levels of dialogue with two such prospects and is nearing concluding the deal.
  • They have reportedly signed three memorandums of understanding (MOUs) previously month alone in a bid to safe some much-needed funding.
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